Topline
Michael Dell overtook Jeff Bezos in Forbes’ billionaire rankings Tuesday, edging past the Amazon co-founder as shares of Dell Technologies reached an all-time high, extending a six-month rally.
Tuesday marks Dell’s first time as the world’s third-wealthiest person.
Photo by Brendan SMIALOWSKI / AFP
Key Facts
Dell’s estimated net worth rose $4.6 billion to reach $267.7 billion at market close Tuesday afternoon, making him the third-wealthiest person in the world for the first time ever.
Dell trails Alphabet co-founder Larry Page ($277.9 billion) and Tesla chief Elon Musk ($942 billion).
Shares of Dell Technologies rose 1.9% to close at an all-time high of $533.88 on Tuesday, and traded as high as $538.47 earlier in the day.
Bezos’ estimated net worth dropped $1.4 billion to $265.2 billion as Amazon shares fell 0.6%.
Dell’s net worth has more than doubled since last year as his company has benefited from booming demand for artificial intelligence hardware.
Big Number
327%. That is how much Dell’s stock has rocketed since the start of the year, when shares were priced around the $128 mark. Michael Dell holds a roughly 40% stake in his company and has much of his fortune wrapped up in his private investment firm DFO Management, which invests in hotels and liquid corporate credit. Dell’s net worth has soared alongside his company’s earnings, allowing him to surpass Meta co-founder Mark Zuckerberg and Oracle co-founder Larry Ellison in recent months.
Key Background
Dell Technologies is a week removed from its second-quarter earnings report in which it logged $47 billion in revenue, a 58% jump year-over-year, and adjusted earnings per share of $7.04, a threefold increase from the same period last year. The company’s AI server business logged a record $60.9 billion in orders and accounted for $16.4 billion in revenue. The growth, and what chief financial officer David Kennedy called “AI momentum,” resulted in Dell Technologies raising its full-year revenue guidance $25 billion to an anticipated $192 billion.
Further Reading
Michael Dell Overtakes Larry Ellison As World’s Fifth-Richest Person Amid Dell Stock Surge (Forbes)
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